PRGS.NASDAQProgress Software CORP /MA

Form 4: Progress Software CIO Ian Pitt Reports Stock Transactions

Sentiment:

SEC Form 4 Filing

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Ian Pitt, Chief Information Officer of Progress Software, reported the vesting of restricted stock units and subsequent withholding of shares for tax obligations on October 1, 2024.

Summary

  • On October 1, 2024, Ian Pitt, the Chief Information Officer of Progress Software Corporation, reported transactions involving restricted stock units (RSUs) converting into common stock.
  • These transactions involved the vesting of RSUs and the subsequent withholding of shares to cover tax obligations.
  • Pitt acquired shares through the vesting of RSUs and simultaneously disposed of shares to satisfy tax withholding requirements.
  • The price per share for the tax withholding was $66.55.
  • The transactions resulted in a net increase in Pitt's directly held common stock, with the final holdings totaling 4,914 shares.

Sentiment

Score: 5

Explanation: This is a routine filing related to executive compensation. It doesn't indicate any significant positive or negative sentiment.

Positives

  • The vesting of restricted stock units indicates that the executive is meeting the conditions of their equity grants, which is generally tied to continued employment and potentially performance metrics.

Industry Context

Form 4 filings are a routine part of executive compensation and are common across publicly traded companies. They provide transparency into insider transactions.

Stakeholder Impact

  • The transactions have a minor impact on shareholders as they reflect routine executive compensation.

Key Dates

DateDescription
September 27, 2021Reporting Person was granted 2,931 restricted stock units pursuant to the Company's 2008 Stock Option and Incentive Plan.
April 1, 2022Vesting start date for 2,931 restricted stock units granted on September 27, 2021.
January 20, 2022Reporting Person was granted 4,046 restricted stock units pursuant to the Company's 2008 Stock Option and Incentive Plan.
October 1, 2022Vesting start date for 4,046 restricted stock units granted on January 20, 2022.
January 19, 2023Reporting Person was granted 4,085 restricted stock units pursuant to the Company's 2008 Stock Option and Incentive Plan.
October 1, 2023Vesting start date for 4,085 restricted stock units granted on January 19, 2023.
January 18, 2024Reporting Person was granted 3,995 restricted stock units pursuant to the Company's 2008 Stock Option and Incentive Plan.
October 1, 2024Date of the reported transactions involving vesting of RSUs and tax withholding; Vesting start date for 3,995 restricted stock units granted on January 18, 2024.
October 03, 2024Date of signature by Attorney-in-Fact.

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